US-based Critical Metals has entered a binding heads of agreement with Rimbal to purchase a controlling stake in the Tanbreez Rare Earth Mine (REE) in Greenland.

Critical Metals will acquire the stake in a $211m deal from a company controlled by geologist Gregory Barnes.

Commenting on the deal, Critical Metals CEO and chairman Tony Sage said: “Tanbreez is a game-changing rare earth mine for the West, and is a key step towards positioning Critical Metals Corp as the preeminent critical minerals supplier with a diversified, multi-asset portfolio that spans multiple geographies.

“With Tanbreez expected to be under the Critical Metals Corp banner, we will have the ability to further support our commercial network in Europe while simultaneously being able to evaluate additional opportunities to tap into the upside potential of the North American market.

“Critical Metals Corp continues to capitalise on macro-economic tailwinds and government support which are accelerating the demand for critical minerals as we play an essential role in supporting the green energy transition.”

The Tanbreez Project is a globally significant critical minerals asset with an exploitation licence issued by the Greenland Government.

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With an estimated resource of 4.7 billion tonnes, the Tanbreez Project is one of the largest rare earth deposits globally. It is located near the transportation facilities and has minimal environmental impact.

It is poised to meet the growing demand for REEs in North America and Europe. REEs are vital for the production of next-generation technologies and defence industry applications.

The project holds over 27% heavy rare earth elements, which are more valuable than light rare earth elements.

Financial advisors Jett Capital Advisors and Cohen & Company Capital Markets, along with legal advisers White & Case, are supporting Critical Metals in this transaction.

Critical Metals was established following the business combination of European Lithium and Sizzle.